Piloo Mody : Swaraj, I will give you a lakh of a rupee provided you tell me what will you do with the money. Don't tell me that you will put it in the fixed deposit. You will have to tell me how will you invest. The money should multiply and also create employment./1

I met Piloo Mody after a week.
SK : Piloo, I have thought it over. I can't think of anything better. The best is to put this money in the fixed deposit.
PM : That does not require an enterprise or great mind. Anyone can do that. How will this create employment ? /2

PM : Now somebody will borrow this money on 18% interest. He will take the risk, create employment and multiply this money. Is that man entitled to some compensation or not ?
SK : Of course, he is.
PM : This is called enterprise./3

SK : But how about food, education and health of the poor man ?
PM : Unless you generate wealth, you cannot distribute wealth. So you generate wealth, create employment, collect taxes and discharge the obligations of a welfare state. /4

Piloo, you were absolutely right. You opened our minds. Socialism means a welfare state. But that was an era of madness. It was rightly said that 'Socialism is the name of a hat that has lost its shape because everybody has worn it.' /5

Minoo Masani rightly said, "If you are twenty and not a socialist, you are mad. And if you are forty and still a socialist, something is wrong with your brain."/6